PCBL Chemical Ltd Share Price

Q: What is the share price of PCBL Chemical Ltd today?

PCBL Chemical Ltd share price as on 6 Jun 2026 is ₹292.9

Chemicals

NSE: PCBL Small Cap ISIN: INE602A01031

As on 06 June 2026 at 22:26 IST

₹292.90

-0.15

(-0.05%)

Sell Buy

PCBL Chemical Q1 FY26 Results:

Profit fell 20% to ₹94 crores, compared to ₹118 crores in Q1 FY25. Total income in Q1 FY26 declined 1% to ₹2,120 crores from ₹2,154 crores in the same period last year.

About PCBL Chemical Ltd

PCBL Ltd, formerly known as Phillips Carbon Black Limited, is a leading manufacturer and exporter of carbon black in India. The company operates in the chemicals sector, specifically focusing on the production of carbon black. It was founded in the year 1960 and has been in business for decades. The company's headquarters is located in Kolkata, West Bengal. PCBL is a part of the RP-Sanjiv Goenka Group, a prominent Indian business conglomerate. PCBL's main products include various grades of carbon black used in tyres, technical rubber goods, and speciality chemicals. +

Over 1 Month

-5.32%

Over 6 Months

-7.16%

Over 1 Year

-29.98%

Over 3 Years

113.59%

PCBL Chemical Ltd Summary

Close ₹293.05

Open ₹288.90

High ₹298

Low ₹287.15

Volume 14,39,290

Net Turnover (in Cr) ₹42.34

52Wk High ₹437.30

52Wk Low ₹226.50

52Wk High / Low

226.50

437.30

PCBL Chemical Ltd Fundamentals

Key Financial Data

Market Cap (in Cr) ₹11,530.42

EPS (TTM) 6.23

Book Value (BV) 102.96

Div. Yield -

P/E (TTM) 48.78

Price/Book Value 2.84

Delivery % 23.49 %

Face Value 1

Key Ratios

PE Ratio 35.43

PB Ratio 4.40

EV to Sales 3.24

PEG Ratio -2.30

ROA 6.33

ROE 12.85

Debt-Equity 0.90

Net Profit Margin 7.64

Operating Profit Margin 17.60

PCBL Chemical Ltd Financials

Consolidated

Standalone

Yearly

Quarterly

Profit and Loss

Particulars (in ₹ Cr.)	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Total Revenue	8,451.64	6,456.80	5,814.67	4,475.01	2,677.52
Total Expenses	7,874.06	5,780.47	5,232.99	3,943.44	2,285.48
Profit Before Tax	577.06	676.33	581.68	531.57	392.04
Profit After Tax	434.67	491.11	442.19	426.34	313.99
Operating Profit After Depreciation	1,038.49	857.11	635.09	560.66	425.92

Balance Sheet

Particulars (in ₹ Cr.)	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Fixed Assets	6,592.38	6,887.76	1,963.16	1,929.61	1,737.94
Total Non Current Assets	7,997.39	7,856.66	3,420.46	2,513.96	2,256.67
Total Current Assets	3,724.50	3,438.75	2,012.35	2,270.76	1,469.38
Total Assets	11,721.89	11,295.41	5,432.81	4,784.72	3,726.05
Total Shareholder's Fund	3,697.44	3,246.69	2,830.17	2,613.99	1,935.46

Cash Flow

Particulars (in ₹ Cr.)	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Net Cash From Operating Activities	760.49	1,105.40	504.09	290.42	385.01
Net Cash Used In Investing Activities	-690.32	-4,214.09	-551.94	-540.70	-202.67
Net Cash Used In Financing Activities	-63.93	3,380.76	-30.57	216.70	-179.54

Profit and Loss

Particulars (in ₹ Cr.)	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Total Revenue	5,944.45	5,705.30	5,912.30	4,473.15	2,675.31
Total Expenses	5,340.18	4,984.49	5,327.47	3,940.81	2,284.95
Profit Before Tax	604.27	720.81	584.83	532.34	390.36
Profit After Tax	451.06	533.29	444.09	427.14	312.27
Operating Profit After Depreciation	882.43	847.01	638.24	561.43	424.24

Balance Sheet

Particulars (in ₹ Cr.)	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Fixed Assets	2,237.47	2,102.03	1,934.40	1,903.39	1,712.26
Total Non Current Assets	6,536.17	6,026.28	3,289.67	2,572.19	2,261.19
Total Current Assets	2,376.17	2,157.49	1,726.54	2,183.16	1,448.89
Total Assets	8,912.34	8,183.77	5,016.21	4,755.35	3,710.08
Total Shareholder's Fund	3,743.15	3,279.21	2,819.62	2,604.91	1,927.17

Cash Flow

Particulars (in ₹ Cr.)	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Net Cash From Operating Activities	565.11	972.17	721.79	321.08	382.92
Net Cash Used In Investing Activities	-493.12	-2,664.99	-508.40	-547.85	-197.31
Net Cash Used In Financing Activities	-26.10	1,819.09	-280.57	216.70	-179.54

Particulars (in ₹ Cr.)	2026-03	2025-12	2025-09	2025-06	2025-03
Total Revenue	2,066.06	1,845.62	2,163.57	2,114.05	2,087.49
Total Expenses	1,822.95	1,630.97	1,897.41	1,795	1,789.83
Profit Before Tax	52.39	9.96	78.28	120.15	126.13
Profit After Tax	40.22	2.02	61.70	94.10	100.19
Operating Profit after Depreciation	247.77	230.73	278.21	324.85	317.43

Particulars (in ₹ Cr.)	2026-03	2025-12	2025-09	2025-06	2025-03
Total Revenue	1,371.07	1,273.99	1,478.01	1,452.98	1,447.50
Total Expenses	1,213.95	1,122.50	1,298.46	1,227.05	1,232.84
Profit Before Tax	66.32	50.72	79.83	124.99	126.53
Profit After Tax	47.02	36.08	59.63	93.09	94.75
Operating Profit after Depreciation	163.99	169.62	185.98	233.27	236.91

PCBL Chemical Ltd Technicals

Support and Resistance

S3 S2 S1 Pivot R1 R2 R3

S1 287.47

S2 281.88

S3 276.62

Pivot 292.73

R1 298.32

R2 303.58

R3 309.17

Moving Average

20 SMA 288.18

50 SMA 279.75

100 SMA 281.79

200 SMA 318.32

PCBL Chemical Ltd Corporate Actions

PCBL Chemical Ltd

₹6.0/Share

Announcement Date 27 Oct 2025

Record Date 27 Oct 2025

Div Yield 600%

AGM Date: 22 Jun 2021

Pursuant to Regulation 30 read with Schedule III Part A Para A and Regulation 47 of the SEBI Listing Regulations, we enclose herewith the copies of the newspaper advertisement published today, i.e. 29th May, 2021 in English in Financial Express (all editions) and in Bengali in Aajkal (Kolkata) edition, in compliance with Circular No. 20/2020 dated 5th May, 2020 and Circular No. 02/2021 dated 13th January, 2021 issued by the Ministry of Corporate Affairs ('MCA Circulars'), intimating that the 60th Annual General Meeting of the Company will be held on Tuesday, the 22nd day of June, 2021 at 10:30 A.M. (IST) through Video Conferencing/ Other Audio Visual Means ('VC/OAVM') facility. You are requested to take the afore-mentioned information on record and oblige. Pursuant to Regulations 30 and 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the electronic copy of the Notice of the 60th AGM and the Annual Report of the Company for the financial year ended 31st March, 2021 including the Audited Financial Statements for the financial year ended 31st March, 2021 ('Annual Report') which is being sent only through electronic mode to the Members of the Company. The Notice of the 60th AGM and the Annual Report are also being uploaded on the website of the Company at www.pcblltd.com. You are requested to take the afore-mentioned information on record and oblige. (As Per BSE Announcement Dated on 31/05/2021) Outcome of the 60th AGM of Phillips Carbon Black Limited held today, i.e. 22nd June, 2021 along with the Scrutinizer''s Report and Voting Results. (As per BSE Announcement Dated on 22/06/2021) Minutes of the 60th Annual General Meeting of Phillips Carbon Black Limited - We are pleased to enclose herewith the Minutes of the 60th Annual General Meeting of the Company held on Tuesday, 22nd June, 2021 through Video Conferencing / Other Audio Visual Means. Please take the same on record. (As Per BSE Announcement dated on 05.07.2021)

AGM Date: 28 Jun 2022

AGM 28/06/2022 This is to inform you that the Sixty-first Annual General Meeting (61st AGM) of the Members of the Company is scheduled to be held on Tuesday, the 28th day of June, 2022 at 10:30 A.M. through Video Conferencing / Other Audio Visual Means ('VC/OAVM') facility in compliance with the applicable provisions of the Companies Act, 2013 and SEBI Listing Regulations. Pursuant to Section 91 of the Companies Act, 2013 and Regulation 42 of the SEBI Listing Regulations, the Register of Members and the Share Transfer Books of the Company will remain closed from the 22nd day of June, 2022 to the 28th day of June, 2022 (both days inclusive) for the purpose of the 61st AGM of the Company for the financial year ended 31st March, 2022. 21st June, 2022 will be the Cut-Off date for the purpose of E-Voting. We request you to please take the afore-mentioned information in record and oblige. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable provisions if any (hereinafter referred to as the 'SEBI Listing Regulations'), we are submitting herewith the summary of proceedings of the 61st Annual General Meeting of the Members of the Company held today, i.e. Tuesday, the 28th day of June, 2022 at 10:30 A.M. (IST) and which concluded at 11.34 A.M. (including time allowed for e-voting at the AGM) through Video Conferencing (VC) / Other Audio Visual Means (OAVM), marked as 'Annexure - I'. Further pursuant to Regulation 44(3) of the SEBI Listing Regulations, we are submitting herewith the declaration of the Voting Results of Remote e-Voting and Electronic Voting of the Resolutions put to vote and passed at the AGM of the Company along with the Consolidated Scrutinizer's Report, marked as 'Annexure - II'. All the Resolutions have been passed with requisite majority. (As Per BSE Announcement Dated on 28.06.2022) PCBL Ltd has informed BSE regarding the details of Voting results of AGM, under Regulation 44(3) of SEBI (LODR) Regulations, 2015 (As per BSE Announcement Dated on 29/06/2022) We are pleased to enclose herewith a copy of the Minutes of the proceedings of the 61st AGM of the Company held on Tuesday, the 28th day of June, 2022 held through Video Conferencing / Other Audio Visual Means (OAVM) facility. Kindly acknowledge the receipt of the same. (As Per BSE Announcement Dated on 15/07/2022)

AGM Date: 11 Jul 2023

This is to inform you that the Sixty-second Annual General Meeting (62nd AGM) of the Members of the Company is scheduled to be held on Tuesday, the 11th day of July, 2023 at 10:30 A.M. IST through Video Conferencing / Other Audio Visual Means ('VC/OAVM') facility in compliance with the applicable provisions of the Companies Act, 2013, Rules framed thereunder and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('SEBI Listing Regulations') read with General Circular Nos. 20/2020 and 10/2022 dated 5th May, 2020 and 28th December 2022, respectively and other circulars issued in this respect by the Ministry of Corporate Affairs ('referred to as MCA Circulars') and the SEBI Circular No. SEBI/HO/CFD/PoD-2/P/CIR/2023/4 dated 5th January, 2023 issued by the Securities and Exchange Board of India ('referred to as SEBI Circular'). Pursuant to Regulation 30 read with Schedule III Part A Para A and Regulation 47 of the SEBI Listing Regulations, please find attached herewith the copies of the newspaper advertisements published today, i.e. 21st June, 2023 in English in Business Standard (all editions) and in Bengali in Aajkal (Kolkata) edition, both having electronic editions, regarding completion of dispatch of the Annual Report of the Company only through electronic mode and remote e-Voting information for the 62nd Annual General Meeting of the Members of the Company in terms of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014, as amended, Regulation 44 of the SEBI Listing Regulations and the Secretarial Standards on General Meetings issued by the Institute of Company Secretaries of India. The same shall also be uploaded on the Company's website. PCBL LIMITED has informed BSE about Notice of Shareholders Meeting for Annual General Meeting. (As Per BSE Announcement Dated on 21.06.2023) Proceedings of the 62nd Annual General Meeting (AGM) of PCBL Limited and Submission of Voting Results along with the Consolidated Scrutinizer''s Report in respect of the 62nd AGM of the Company held on Tuesday, 11th July, 2023. (As Per BSE Announcement dated on 11.07.2023) Further to our letter dated 11th July, 2023, we are pleased to enclose herewith a copy of the proceedings of the 62nd AGM of the Company held on Tuesday, the 11th day of July, 2023 held through Video Conferencing/Other Audio Visual Means (VC/OAVM) facility. The same is also being uploaded on the Company''s website at www.pcblltd.com . We request you to take the afore-mentioned information in record and oblige. (As Per BSE Announcement dated on 24.07.2023)

AGM Date: 28 Aug 2024

Intimation of the 63rd Annual General Meeting and Book Closure w.r.t the AGM scheduled to be held on Wednesday, the 28th day of August, 2024 at 10:30 AM IST. Electronic copy of the Notice of the 63rd Annual General Meeting and Integrated Report of the Company for the financial year 2023-2024. Proceedings of the 63rd Annual General Meeting (AGM) of PCBL Limited and Submission of the Voting Results along with the Consolidated Scrutinizer''s Report in respect of the 63rd AGM of the Company held on Wednesday, 28th August, 2024. (As Per BSE Announcement dated on 28.08.2024) Intimation of Proceedings of the 63rd AGM of the Company held on 28th August, 2024. (As per BSE Announcement Dated on 18/09/2024)

AGM Date: 15 Sep 2025

AGM 15/09/2025 Intimation of 64th Annual General Meeting (AGM) and Book Closure Notice (As per BSE Announcement Dated on 06/08/2025) Reg 34(1) - Integrated Annual Report. (As Per BSE Announcement Dated on: 08.08.2025) Proceedings of the 64th Annual General Meeting (AGM) of PCBL Chemical Limited and Submission of the Voting Results along with the Consolidated Scrutinizer''s Report in respect of the 64th AGM of the Company held on Monday, 15th September, 2025. (As per BSE Announcement dated on: 15.09.2025) Minutes of the 64th Annual General Meeting held on Monday, 15th September, 2025. (As Per BSE Announcement Dated on: 25/09/2025)

EGM Date: 24 Sep 2021

EGM 24/09/2021 Pursuant to Regulation 30 read with Schedule III Part A Para A and Regulation 47 of the SEBI Listing Regulations, we enclose herewith the copies of the newspaper advertisement published today, i.e. Wednesday, 1st September, 2021, in English in Financial Express (all editions) and in Bengali in Aajkal (Kolkata) edition, both having electronic editions, regarding completion of dispatch of the Notice and e-Voting information with regard to the Extraordinary General Meeting (EGM) of the Members of the Company, scheduled to be held on Friday, the 24th day of September, 2021 in terms of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014 as amended, Regulation 44 of the SEBI Listing Regulations and the Secretarial Standards of General Meetings issued by the Institute of Company Secretaries of India. You are requested to take the afore-mentioned information in record and oblige. (As Per BSE Announcement dated on 01.09.2021) We are submitting herewith the summary of proceedings of the EGM of the Members of the Company held today i.e. Friday the 24th day of September 2021 at 10:30 A.M. (IST) and which concluded at 11:31 A.M. (including time allowed for e-voting at the EGM) through Video Conferencing (VC) / Other Audio Visual Means (OAVM) facility along with the declaration of the Voting Results of Remote e-Voting and Electronic Voting of the Resolution put to vote and passed at the EGM of the Company and the Consolidated Scrutinizers Report. We would like to inform you that the Resolution set forth in the EGM Notice has been passed by the members with requisite majority. The above are also being uploaded on the Companys website at www.pcblltd.com. (As Per BSE Announcement Dated on 9/24/2021 5:26:40 AM) We are pleased to enclose herewith a copy of the Minutes of the proceedings of the Extraordinary General Meeting of the Company held on Friday the 24th day of September 2021 through Video Conferencing / Other Audio Visual Means facility. You are requested to take the same on record and oblige. (As Per BSE Announcement Dated on 10/5/2021 12:55:59 PM)

EGM Date: 12 Jan 2024

Outcome of the Board Meeting held on 16th December, 2023. Notice of the Extra-Ordinary General Meeting to be held on 12th January, 2024. (As Per BSE Announcement dated on 19.12.2023) We are enclosing herewith the summary of the proceedings of the EGM of the Company held today, i.e. Friday, 12th January, 2024 at 12:00 Noon (IST) through VC/OAVM facility along with the declaration of the voting results under Regulation 44(3) of the SEBI Listing Regulations and the Consolidated Scrutinizer''s Report. All the Special Resolutions set forth in the EGM Notice have been passed with requisite majority. The above are also being uploaded in the Company''s website at www.pcblltd.com. (As Per BSE Announcement dated on 12.01.2024)

PCBL Chemical Ltd Peer Comparison

Company	Price	Market Cap (in Cr)
Pidilite Industries Ltd	₹1,470.70	₹1,49,684.22
SRF Ltd	₹2,726.50	₹80,820.23
Linde India Ltd	₹7,070.50	₹60,297.22
Gujarat Fluorochemicals Ltd	₹3,598.15	₹39,525.68
Navin Fluorine International Ltd	₹7,091.65	₹36,377.89

PCBL Chemical Ltd Top Mutal Funds Invested

Fund Name	AUM
Tata India Innovation Fund	1.24%
Tata Small Cap Fund	1.11%
Aditya Birla SL Conglomerate Fund	0.92%
Bandhan Small Cap Fund	0.74%
Aditya Birla SL Value Fund	0.70%

PCBL Chemical Ltd News

PCBL Chemical allots commercial paper of Rs 200 cr

23 Apr 2026, 03:42 pm

PCBL Chemical to table results

On 30 April 2026

20 Apr 2026, 04:20 pm

Volumes soar at PCBL Chemical Ltd counter

PCBL Chemical Ltd clocked volume of 534.44 lakh shares by 14:09 IST on NSE, a 40.41 times surge over two-week average daily volume of 13.23 lakh shares

25 Mar 2026, 02:30 pm

PCBL Chemical Ltd leads gainers in 'A' group

Godfrey Phillips India Ltd, Avantel Ltd, Kesoram Industries Ltd and Sammaan Capital Ltd are among the other gainers in the BSE's 'A' group today, 25 March 2026.

25 Mar 2026, 12:00 pm

Volumes spurt at PCBL Chemical Ltd counter

PCBL Chemical Ltd notched up volume of 213.69 lakh shares by 14:14 IST on NSE, a 25.94 fold spurt over two-week average daily volume of 8.24 lakh shares

03 Feb 2026, 02:30 pm

PCBL Chemical Ltd Stock Analysis

Annual revenue for PCBL Chemical Ltd increased by 4.19% to ₹5,944.45 crore in FY 2025 from ₹5,705.30 crore in FY 2024.
Annual Net Profit for PCBL Chemical Ltd decreased by 15.42% to ₹451.06 crore in FY 2025 from ₹533.29 crore in FY 2024.
Promoter Shareholding in PCBL Chemical Ltd remains unchanged by 0.00% in the most recent quarter, from 53.38% in December 2025 to 53.38% in March 2026.
PCBL Chemical Ltd delivered a 1-year return of -29.98% compared to the Nifty 50, which provided a return of -4.89% as of the last trading session.
PCBL Chemical Ltd share price moved down by 0.05% from its previous close of INR ₹293.05. The latest PCBL Chemical Ltd share price is INR ₹292.90.
PCBL Chemical Ltd share price today has been at a low of 292 and a high of 296.70. Over the past 52 weeks, the PCBL Chemical Ltd share price has seen a low of 226.50 and a high of 437.30.

About PCBL Chemical Ltd

PCBL Ltd, formerly known as Phillips Carbon Black Limited, is a leading manufacturer and exporter of carbon black in India. The company operates in the chemicals sector, specializing in the production of carbon black. This material is essential for manufacturing tyres and other rubber products. PCBL generates electricity as part of its operations. It uses tail gas recovered during the carbon black production process to produce energy.
Established in 1960, PCBL has been in business for decades. The company's headquarters is located in Kolkata, West Bengal, India. PCBL is a part of the RP-Sanjiv Goenka Group, a prominent Indian business conglomerate.
The promoters of the company include Rainbow Investments Limited, with a 45.84% stake. It also has a team of managerial promoters who manage the operations of the company. They are -

Sanjiv Goenka
Kaushik Roy
Preeti Goenka
Shashwat Goenka
K Jairaj

PCBL's main products include various grades of carbon black used in tyres, technical rubber goods, and speciality chemicals. The company also produces green power as part of its operations. It utilizes waste gas from the carbon black manufacturing process to generate energy. Some of their notable products are marketed under the brands CarboNext, Orient Black, and Royale Black.
PCBL is the largest carbon black manufacturer in India and holds a significant position in the global market. The company has a strong presence in over 50 countries. It operates five state-of-the-art manufacturing plants in Durgapur, Palej, Mundra, Kochi, and Chennai. Additionally, PCBL has set up R&D centres in Palej and Ghislenghien.
The company's registered office is Subhash Road, Kolkata. Meanwhile, the office of the registrars is in Braboume, Kolkata. PCBL Ltd is a well-established company in the chemicals sector, known for its high-quality carbon black products and innovative green power solutions. With years in the business, the company has built a strong reputation and continues to expand its global presence.

The Contribution of PCBL Limited in the Chemicals Sector

PCBL Ltd, formerly known as Phillips Carbon Black Limited, has made a significant contribution to the chemicals sector. The company is a leading manufacturer and exporter of carbon black. This material is a key component in the production of tyres and other rubber products. PCBL's impact on the chemicals sector is evident through its innovative products, sustainable practices, and strong market presence.
PCBL has been in business for decades, establishing itself as a reliable and trusted supplier of carbon black. The company's products are used in various industries, including automotive and coatings. PCBL's high-quality carbon black enhances the performance and durability of these products, making them more efficient and reliable.
The company's commitment to innovation has driven its success in the chemicals sector. PCBL constantly seeks to improve its products and develop new solutions to meet the evolving needs of its customers. The company's research and development (R&D) centres in Palej, Gujarat, and Ghislenghien, Belgium, play a crucial role in this process. These centres focus on developing advanced carbon black products that offer superior performance and sustainability.
PCBL's contribution to the chemicals sector extends beyond its products. The company is also known for its sustainable practices. PCBL generates green power from the waste gas produced during the carbon black manufacturing process. This not only reduces the company's carbon footprint but also provides a valuable source of renewable energy. PCBL's commitment to sustainability has earned it recognition and accolades from various industry bodies.
The company's strong market presence is another indicator of its contribution to the chemicals sector. PCBL is the largest carbon black manufacturer in India and holds a significant position in the global market. The company operates five state-of-the-art manufacturing plants across India. These facilities ensure a steady supply of high-quality carbon black to its customers.
PCBL's success can be attributed to its strong management team and dedicated workforce. The company is led by experienced professionals who have a deep understanding of the chemicals sector. Their leadership has guided PCBL through various challenges and opportunities, helping the company achieve its goals and maintain its competitive edge. The company's workforce is dedicated to excellence. They ensure that PCBL's products meet the highest standards of quality and performance.
The company's financial performance is another testament to its contribution to the chemicals sector. PCBL has consistently delivered strong financial results, including steady revenue growth and profitability. This financial strength has enabled the company to invest in research and development, further driving its innovation and growth. PCBL's strong financials also provide a solid foundation for its future expansion plans.
PCBL's contribution to the chemicals sector is also reflected in its corporate social responsibility (CSR) initiatives. The company engages in various CSR activities aimed at improving the quality of life for the underprivileged. These initiatives include education programs and environmental sustainability projects. Through these efforts, PCBL demonstrates its commitment to social responsibility and community development.
The company's focus on quality and customer satisfaction has also played a crucial role in its success. PCBL strives to exceed customer expectations by delivering high-quality products that meet their needs and preferences.